If you’re a new user and would like to trial our TVC & APTA tool, then you must register for a free CashCalc account. You will automatically be enrolled onto a trial of our Core ‘Cashflow & Onboarding’ module.
You can activate a trial of the TVC & APTA tool by logging into your account and finding the ‘TVC & APTA’ module under ‘Plans’ in your ‘My Account’ section. Here, you can trial our range of plans as well as add them to your account subscription.
Existing Users
If you’re already a CashCalc user, then you can add a trial of the TVC & APTA tool in the ‘Plans’ section under ‘My Account’.
Your 28 Day Free Trial
Your 28 Day Free Trial will allow you unrestricted access to the TVC & APTA tool for the entire trial period. This includes our Quick Start Guides, downloadable Reports and the Premium Support service.
Throughout the trial period, you will have the opportunity to upgrade your account and continue using the tool with no restrictions beyond the 28 days. The TVC & APTA module costs an additional £30 per month + VAT, with no contracts or tie-ins.
If you're new to CashCalc, you must register for an account. Our TVC & APTA tool is a standalone module, meaning you will need to be a paid subscriber of the core 'Cashflow & Onboarding' module in order to gain access.
Existing Users
If you are already a CashCalc Premium subscriber, you can add the module to your account in the 'My Account' section. When you add a module to your monthly subscription, your first payment will be taken on your next billing date.
You can access all of our sample reports in the ‘Resources’ section, which includes a downloadable sample TVC report.
We aren’t planning on releasing a sample APTA report, as these are unique to each case and personalised to individual clients. The best way to get familiar with APTA, is by taking out a 28-day free trial or adding the plan to your CashCalc subscription.
Compact TVC Report
Our compact report only includes the necessary information that a client will fully understand. You can download our compact TVC report, here.
CashCalc is a modular system, meaning you can add different tools to create your own personalised suite. TVC & APTA is therefore an optional extra and can be purchased for £30 per-month + VAT per-adviser.
TVC & APTA also requires you to be a user of the Core ‘Cashflow & Onboarding’ module, which is the base functionality of CashCalc.
You can add the TVC & APTA tool to your account or activate a trial in the ‘Plans’ section under ‘My Account’.
In simple terms, TVC & APTA are new guidance to allow advisers to give better quality advice to their clients - enabling them to make more informed decisions.
What is a TVC?
An effective TVC must show:
The Cash Equivalent Transfer Value (CETV) offered by the current safeguarded scheme; and
The estimated value needed to replicate the client’s DB income in a DC environment, where the result of a recommendation would be the purchase of an equivalent annuity
What is an APTA?
We use the FCA's mandated assumptions which are confirmed by a team of actuaries, in order to calculate our TVC.
An Appropriate Pension Transfer Analysis (APTA) should help you demonstrate why a transfer may or may not be in your client’s best interests.
Unlike the TVC, the APTA isn’t so prescribed. It’s left relatively flexible, so it can be adapted to suit your particular client.
Our APTA tool is designed as a breadcrumb process – leading you through the stages step by step, to ensure you appropriately fulfil the FCA’s criteria.
We have created a brief guide for you to download and follow, but in principle it will:
Pre-populate and pull data from multiple sources, such as data-capture forms, client profiles and integrations
Generate up to 10 forecasts immediately
Create streamlined cashflows for easy comparison
Allow you to access enhanced comparison functionality
How can I access the CashCalc TVC & APTA Quick Start Guide?
TVC & APTA Quick Start Guide
We’ve created a breadcrumb style guide to lead you through the TVC & APTA process – ensuring you best utilise our tool and produce FCA compliant reports.
New Users
To gain access to the CashCalc Quick Start Guide, you must either be on a trial or a paid subscriber of the TVC & APTA tool. To take out a trial or add TVC & APTA to your monthly subscription, click here.
Existing Users
If you're already a user of the tool, you can find it on the ‘Client Dashboard’ by clicking on the ‘TVC & APTA Calculator’ icon.
Our TVC & APTA tool is fully FCA-compliant using PS18/6 mandated assumptions, with our calculations confirmed by a team of actuaries.
Our TVC element does exactly what it should: It uses the FCA’s assumptions to show the CETV and the cost of replicating the DB safeguarded benefits, in a visual and easy to understand report.
Why does the TVC figure sometimes differ between systems?
Why does the TVC figure sometimes differ between systems?
You may find that depending on the system you are using, the TVC figure may vary very slightly, however this does not necessarily mean they are inaccurate.
A variance in the revalued benefits may be an indication of an input or revaluation error.
A slight variance where the capitalised values are discounted back to today’s date may occur between different systems, despite the COBS ‘mandated’ assumptions. COBS say you must use an ‘appropriate’ gilt rate, depending on their term to retirement.
Using different gilt rates may cause the compounded figure to give a slightly different figure. One actuary may suggest using a 10-year gilt rate for a client with 12.5 years to retirement, whereas another may suggest using an average between the 10 and 15-year gilt rates. Both of the actuaries would in fact be correct – it is simply the assumptions that were determined as appropriate. This variance should still only be within 1% or 2%, however feedback suggested that users were concerned of any variance based on the ‘mandated’ assumptions.
Watch our Director and in-house Chartered Financial Planner explain, below:
At CashCalc, we try to make our tools as user and client friendly as possible. That's why we are giving you the ability to produce a compact 'client facing' TVC report - only including the necessary info that clients will understand.
How to:
Producing a compact TVC report is simple. Once you have finished the TVC report, go into the 'TVC Results' tab and click 'Create a TVC report'.
Here, you can choose whether to create a full or compact report.
Defined Benefit (DB) Triage is a process meant to educate and inform consumers on the advantages and disadvantages of a pension transfer.
The Financial Conduct Authority's (FCA) recent Policy Statement 18/20 (introduced 1st January 2019) means triage is now a very important part of the DB pension advice process.
A triage service should provide generic and balanced information to help the client make an informed decision on whether or not to proceed with seeking regulated financial advice.
The information in a triage service should be generic, and not specific to a client's personal circumstances. If an adviser were to make reference to how a client's personal circumstances may influence advice to transfer, then it is likely that they are providing advice.
To help advisers avoid crossing the advice boundary, CashCalc have developed a Defined Benefit Triage service, which is free of charge for all CashCalc users. Take a look at our other Support articles for more info, or read our blog, here.
The FCA introduced Policy Statement 18/20 on 1st January 2019, meaning triage is now a very important part of the DB pension advice process.
Triage should be an educational process which provides generic and balanced information on the advantages and disadvantages of a pension transfer. If an adviser makes a reference about how a client’s personal circumstances may influence advice to transfer, then it is likely that they are providing advice.
Simply, triage is when you assess a situation, figure out the urgency required to act and then move the task to the right person. Typically associated with the medical field, the FCA have decided that an appropriate triage service can be beneficial to the DB pension transfer advice process.
Done correctly, an effective triage process has the potential to streamline your DB pension transfer advice process.
It is designed to ensure you provide generic and balanced information from which the client can make an informed decision on whether or not to proceed with seeking regulated financial advice. It also helps prevent you crossing the advice boundary.
Read more about our own 3-stage Defined Benefit Triage service, here.
Our Defined Benefit Triage service consists of a downloadable interactive Video/ Podcast. It is designed to ensure you provide generic and balanced information from which the client can make an informed decision on whether or not to proceed with seeking regulated financial advice. It also helps prevent you crossing the advice boundary.
Defined Benefit Triage Video
The interactive video, which can also be downloaded as a modern podcast for those of you who are interested, places an emphasis on informing the consumer of the advantages and disadvantages of a pension transfer.
Lasting for around 25 minutes, the video repeatedly asks the consumer if they understand the information being provided. The results are then logged and provided for you to view, for example, the client expressed understanding to what they were told.
Attitude to Transfer Risk Questionnaire
If a consumer decides to proceed with regulated advice, then you can use the Attitude to Transfer Risk Questionnaire as part of your advice process. The questionnaire is designed to assess the consumer's suitability towards a potential transfer and has so far been used nearly 600 times by advisers throughout the UK. Again, it seeks to ask the consumer a series of questions. The client can answer subjectively, reflecting their personal circumstances.
Are your Defined Benefit Triage resources downloadable?
Are your Defined Benefit Triage resources downloadable?
Yes, all of our Triage resources are downloadable.
Our Attitude to Transfer Risk Questionnaire can be downloaded in a printable format (.pdf), whilst our Triage Video can also be downloaded as an audio podcast (.mp3).
Read more about our Defined Benefit Triage service, here.
